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EURUSD Weekly
Let’s look at the big picture:
Last line of defence for EUR is at 1.01800
If taken out next week ( pay attention – it HAS to close below the trendline !) the road is open for tests of All Time Low at 0.82250
In my opinion, target would be in 0.75 area….
This is a very Bearish picture and EUR would need a miracle to get out of it.
Pre-data snapshot
From a Reuters report:
… With the national payrolls report potentially a decider on all the above, consensus expectations are for jobs growth to have softened overall in December to some 160,000 – with an unemployment rate steady at 4.2%.
If that pans out, the Federal Reserve will likely feel justified with a stance of further cautious rate cuts ahead. Its policymakers have indicated just two more quarter point reductions for this year, even though futures markets price marginally less than that – some 41 basis points as of Friday and with the first 25bp not coming until June.
On Thursday, the latest Fed speakers tilted hawkish….
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